Asia

Global Business Quick Take – Taipei Times

Korea

Inflation eases to 5.7%

Inflation fell more than expected last month as energy prices fell, easing pressure on the Bank of Korea (BOK) to raise interest rates even further in its annual tightening cycle. Data from the Statistics Office yesterday showed consumer prices rose 5.7% year-on-year, slowing from 6.3% in July to below economists’ estimates of 6.1%. Compared to the previous month, the price fell 0.1% last month, its first drop since late 2020. Easing is positive, but price pressures remain high and the BOK is unlikely to divert from steadily tightening policy. Inflation is still hovering nearly three times the central bank’s target of 2%, and like many advanced economies, the BOK is determined to bring it under control. In a statement after the announcement, the Treasury Department said the cooling was largely due to lower oil prices and lower fuel taxes.

e-commerce

The work of the game that cuts the sea

Sea Ltd cuts staff in its profitable gaming division to keep costs down. It’s the second job cut this year for the e-commerce giant, and a string of setbacks has forced the company to shift its focus from unrestricted growth to profitability. Southeast Asia’s largest tech company plans to cut jobs at Garena, its most profitable unit, and new ventures in research and development, according to people familiar with the matter. About 40 people will be cut from the live game distribution app “Booyah!” This includes teams involved in product management and quality assurance, said the people, who asked not to be identified because the information is private. The Singapore-based company is also shutting down some of its experimental operations at its research and development arm, Sea Labs, said a person familiar with the matter.

cereals

Russian wheat exports slump

Russia is struggling to open its safe corridors to record wheat exports, just as it is supporting increased shipments from a country it invaded more than six months ago. Shipments from Russia in July and last month, the first two months of a new season, fell 22% year-on-year to 6.3 million tonnes, according to logistic OS ship line-up data. Ukraine has resumed shipments, exporting 1.5 million tonnes of food through the grain corridor established under an agreement brokered by the United Nations and Turkey.Cargo from Ukraine’s Black Sea ports is just over a quarter of pre-war volumes However, the government expects shipments to pick up in the coming months. In contrast, the slow pace of Russian wheat exports is putting pressure on global supplies as crops elsewhere are hit by drought.

car manufacturer

Tax credit drives Nissan’s EV

Nissan announced yesterday that it will push electric vehicles (EVs) more aggressively to take advantage of new U.S. laws that allow tax credits of up to $7,500. He signed the climate change and health care bill into law. Tax credits can be used to help cover the cost of purchasing an electric vehicle manufactured in the United States. The Nissan Leaf electric vehicle is one of the qualifying models, but under the law, to qualify it must have a battery manufactured in North America using minerals mined or recycled on the North American continent. is needed. Joji Tagawa, Nissan’s chief sustainability officer, said the certification process was complicated, but added that Nissan was keen to use the law to reduce costs for customers.

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https://www.taipeitimes.com/News/biz/archives/2022/09/03/2003784653 Global Business Quick Take – Taipei Times

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